Watch Live


Petrobras to More Than Double Lula Field Output in 2014

Petroleo Brasileiro SA (PETR3), the world’s biggest producer in deep waters, plans to more than double output at Brazil’s second-biggest discovery next year after installing another production vessel.

Petrobras, as the Rio de Janeiro-based producer is known, started pumping crude at the Cidade de Paraty unit today and will gradually increase output to 120,000 barrels a day in the second half of 2014, the company said in a statement. Output at the vessel will average 13,000 barrels a day this month and increase as it connects more wells, Petrobras said.

State-controlled Petrobras is counting on Lula and other fields in the so-called pre-salt region in deep waters of the Atlantic Ocean to double output by 2020. Lula is Brazil’s second-biggest discovery after Libra, an oil field Brazil plans to auction in October that holds as much as 12 billion barrels of recoverable crude. Petrobras will operate Libra with a minimum 30 percent stake.

Output at Lula has surpassed Petrobras’s initial forecasts, with individual wells pumping more than 30,000 barrels of oil and natural gas a day. In April Petrobras pumped 115,000 barrels of oil and gas a day at Lula, making it Brazil’s sixth-biggest producer.

To contact the reporter on this story: Peter Millard in Rio de Janeiro at

To contact the editor responsible for this story: James Attwood at

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.